# Table 1b: Safe Asset Panel Summary Statistics

| Variable | N | Mean | SD | Min | Max |
|----------|---|------|-----|-----|-----|
| real_bond_10y | 907 | 2.427 | 2.974 | -10.244 | 21.462 |
| real_short_3m | 910 | 1.747 | 3.353 | -11.280 | 17.709 |
| term_spread | 931 | 0.853 | 1.844 | -5.648 | 21.924 |
| sovereign_spread | 907 | 0.299 | 1.887 | -8.548 | 20.981 |
| lending_govt_spread | 322 | 0.852 | 1.394 | -4.559 | 5.183 |
| domestic_spread | 1,577 | 5.201 | 6.472 | -31.425 | 50.583 |
| debt_share | 7,938 | 0.509 | 0.227 | 0.000 | 1.000 |
| equity_share | 7,878 | 0.057 | 0.104 | 0.000 | 0.963 |
| debt_equity_ratio | 5,040 | 21.349 | 19.940 | 0.000 | 50.000 |
| govt_debt_gdp | 5,568 | 55.183 | 39.313 | 0.000 | 228.665 |
| safe_issuer | 17,775 | 0.051 | 0.220 | 0.000 | 1.000 |
| rating_numeric | 1,021 | 19.789 | 1.638 | 11.000 | 21.000 |
| Z_1 | 17,775 | -0.755 | 1.317 | -3.983 | 3.639 |
| Z_2 | 17,775 | -11.871 | 20.454 | -60.887 | 71.552 |
| Z_3 | 17,775 | -170.213 | 291.742 | -850.346 | 1248.352 |
| old_dep | 17,775 | 0.109 | 0.074 | 0.010 | 1.099 |
| youth_dep | 17,775 | 0.597 | 0.245 | 0.118 | 1.640 |
| kaopen | 7,156 | 0.074 | 1.556 | -1.939 | 2.281 |
| nfa_gdp_lag | 7,529 | -0.218 | 1.565 | -46.386 | 15.699 |
| rgdp_growth | 7,912 | 3.350 | 6.186 | -54.336 | 147.973 |
| inflation | 7,866 | 41.999 | 865.498 | -72.729 | 65374.082 |
| safe_supply_ratio | 8,295 | 0.461 | 0.092 | 0.244 | 0.596 |
| global_oadr | 8,295 | 0.200 | 0.021 | 0.170 | 0.251 |
| n_safe_issuers | 17,775 | 12.133 | 12.978 | 0.000 | 27.000 |

*Panel: 237 countries, 1950-2024.*

## Safe vs Non-Safe Issuer Comparison

| Variable | Safe Mean | Non-Safe Mean | Diff |
|----------|-----------|---------------|------|
| real_bond_10y | 2.004 | 3.359 | -1.355 |
| old_dep | 0.208 | 0.103 | 0.105 |
| govt_debt_gdp | 56.248 | 54.991 | 1.257 |
| kaopen | 2.037 | -0.176 | 2.214 |
| nfa_gdp_lag | 0.459 | -0.310 | 0.769 |
| rgdp_growth | 2.740 | 3.429 | -0.689 |
| gdp_pc_ppp | 58228.703 | 15229.025 | 42999.678 |